SHENZHEN, China, Aug. 4, 2014 /PRNewswire/ -- China Information Technology, Inc. ("CNIT" or the "Company") (Nasdaq: CNIT), a leading provider of integrated internet-based platforms, products and services in China, today announced that the Company entered into a strategic partnership with CITIC Securities Co., Ltd. ("CITIC") (Shanghai Stock Exchange: 600030).
As China's largest securities broker by total asset and market share, CITIC is best known for its securities research and asset management in the Chinese capital market. Pursuant to the partnership agreement, CITIC will provide a variety of corporate financial services including mergers and acquisitions, pension management, and brokerage services on a needed basis. During CNIT's strategic transition from traditional IT system integration to the cloud-based internet platform technology, CITIC will assist the Company in exploring various alternatives in China to enhance long-term shareholder value. In addition, CNIT and CITIC will collaborate to restructure CNIT's traditional IT system integration business, which generates lower margin and higher receivables than the emerging cloud-based internet platform services.
With 271.4 billion RMB in total assets, CITIC had over 4 million brokerage clients in 2013. Managing over 504.9 billion RMB, CITIC also ranked No. 1 in asset management. CITIC is the parent company of CLSA Asia Pacific Markets. CITIC Securities is the securities arm of CITIC Group, which is one of China's largest state-owned financial conglomerates.
Mr. Jiang Huai Lin, Chairman and Chief Executive Officer of the Company, commented, "With the launch of CNIT Cloud Platform powered by our proprietary Cloud-App-Terminal (CAT) technology, we are entering into a new period of innovation and potential growth. In addition to faster revenue growth, our goals are margin expansion and stronger cash-flow generation, which we believe will ultimately create long term value to our shareholders. The strategic partnership with CITIC is an important milestone for us. I believe CNIT shall benefit greatly from CITIC's expertise in the Chinese capital market."
About China Information Technology, Inc.
Headquartered in Shenzhen, China, China Information Technology, Inc., through its subsidiaries and other consolidated entities, provides CNIT Cloud Platform based on its proprietary Cloud-App-Terminal (CAT) model. The Company's cloud-based products include Cloud-based Education Platform (CEP), Information Distribution Platform (IDP), Online Ad Exchange Platform (OAEP), etc. The Company's integrated hardware, software, and cloud-based services serve a variety of customers in the fields of government, education, healthcare, financial, commercial, communication and individual consumers. To learn more about the Company, please visit its corporate website at http://www.chinacnit.com .
Safe Harbor Statement
This press release includes certain statements that are not descriptions of historical facts, but are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE China Information Technology, Inc.